全球各國政府紛紛訂出了停播類比訊號的時程，正式讓全球走向電視數位化新紀元，未來數位電視用戶數之增加將呈現跳躍式的成長，這是一個充滿無數數位商機的年代，全球數位設備廠商，無不卯足全力爭取市場商機，但規模不大的台灣專業STB產業，在一個由地區系統營運商主導規格、知名品牌廠商主導供銷的競爭環境中，一路走來篳路藍縷，其間鍛羽而歸、黯然退出的不知凡幾，存活下來了的，必有其獨到的商業模式。
本研究從價值網絡的角度切入，分析P公司內部的價值創造系統與當時的外在因素，進而探討P公司進行商業模式再創新的策略及策略執行後對商業模式的影響。研究發現P公司在內部價值創造系統上與企業關係人之關係一直維持穩定成長與和諧，因此，當外在環境發生變化，有比較大的空間可以進行策略選擇。研究亦發現P公司2002年至2009年進行了「垂直整合、兩岸分工」、「捨易求難、直搗中原」、「化敵為友、以合作代替競爭」三次商業模式再創新，在企業關係人的全力支持下，營業規模持續擴大，商業模式亦已蛻變成深具運籌管理彈性及快速反應能力的運作架構，是一套適合於單一規格、訂單數量不大、高度客製化中高階產品利基市場的商業模式，為台灣專業業者突破品牌大廠、EMS廠商及大陸後進業者三面夾殺的有效競爭模式。
最後本研究提出「積極培育影音壓縮技術MPEG軟體人才」、「利用大陸市場積極建立品牌知名度」、「因地制宜，配合地區市場特性配置不同商業模式」、「以合作代替競爭及合縱連橫，早日建立規模競爭優勢」等建議供P公司及其他台灣相關業者參考。

As the analog age draws to a close, ushering in a new digital era, the sale of digital televisions is expected to grow by leaps and bounds. Global digital device manufacturers are devoting an enormous amount of effort competing for a share of the expanding digital market. In Taiwan the Set-Top-Box (STB) industry is not large enough to meet the rising demand. Furthermore the supply is commonly manipulated by well-known brand manufacturers. The manufacturers that can survive in such a competitive environment must subscribe to particular business models to succeed.
Using Value Network analysis, this thesis examines Company P’s internal value creation system and its external factors, and further explores Company P’s innovative strategies for the business model and the effects on the business model after implementing the strategy. Our research found that there is steady growth and synergism between Company P’s internal value creation system and the relationship among business-related people. Therefore, there is also sufficient flexibility for strategic choice should the external environment change. Our research also finds that from 2002 to 2009 Company P engaged in business model innovation three times, accelerating "vertical integration, cross-strait labor division,” "from low-level change into high-level,” and seeking “cooperation instead of competition." The business scale of Company P has increased significantly. This business model has evolved into an operational framework with logistics management flexibility and rapid response capabilities.
Finally, for Company P and other related businesses in Taiwan, the recommendation in this research is to (a) train the MPEG software personnel, (b) gain brand popularity in the wide mainland China market, (c) construct different business models in accordance with regional market localization, and (d) gain competitive advantage by seeking cooperation instead of competition.

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